Photo 294347294 © Frédéric Legrand | Dreamstime.com
dreamstime_s_294347294

Elon Musk Reiterates Position on Starlink IPO

Jan. 2, 2024
Musk says Starlink has no problem raising funds privately.

In a Dec. 21 talk on X (formerly Twitter), Elon Musk reiterated that there are no plans to take Starlink public or spin it off from SpaceX, and will continue to focus on raising funds for the company unit  privately.

Musk has stated this position before, but in June of last year, there was speculation of an initial public offering. However, now Musk seems to be doubling down on his original position.

Starlink is the broadband satellite unit of SpaceX with over 5,200 low Earth orbit satellites.

The satellite service reports that it has over 2.3 million users across 70 countries. According to The Wall Street Journal, Starlink’s revenue in 2022 was $1.4 billion, increasing from $222 million the year before.

Musk stated that he is not concerned with the ability to raise funds, and that stock pressures can be a distraction from longer-term goals.

One of those goals is to fund the colonization of Mars.

Read more about this story here.